📑Innovation Fund Round 2.
Procurement process summary
This process is to purchase Innovation Fund Round 2.
This contract was awarded by 🇬🇧 Department for Work and Pensions for an amount of GBP 2,983,775 to 1 supplier. It was published on 2011-06-21 through selective
Transparency in this process is reflected in the detailed publication of all aspects of the contract and its results.
Buying entity🇬🇧 Department for Work and Pensions Buying unitnot reported Publication date2011-06-21 Contest statusnot reported DescriptionThe Department for Work and Pensions (DWP) officially announced the Innovation Fund on the 12.5.2011 which is part of a package of support aimed at tackling some of the long term structural barriers that stop some vulnerable young people from getting a job and starting their career. Vulnerable young people are a very diverse group with a variety of different needs. A range of factors are associated with a greater risk of becoming NEET (not in education, employment or training) including low attainment, truancy, exclusion, teenage parenthood and having a learning difficulty and/or disability. It is expected that the Innovation Fund bids will focus on the most disadvantaged young people rather than those who spend a short time NEET whilst in transition between other activities. The purpose of the Innovation Fund is to improve employment prospects for young people by supporting disadvantaged 14-15 year olds to participate and succeed in education or training in order to ultimately achieve better employment outcomes. The Innovation Fund procurement exercise has been split into two procurement rounds to allow for the development of Social Investment Partnerships. DWP has awarded six contracts in the first round and expects to award a further three to seven contracts, dependant on the match with the remaining funding available, though the DWP will not be limited to this indicative range. The final number of contracts to be awarded will also be dependant on the financial liability of the outcome payments (financial liability will be based the value of the total number of outcomes proposed) and the quality of bids. DWP are seeking proposals for Round 2 of the Innovation Fund from Social Investment Partnerships, comprising one or more "investors" and one or more "Delivery Bodies". In some cases, such as Social Impact Bond (SIB) models, an intermediary may also be involved to bring together bond investors and manage the payment of returns to the bond holders. DWP will pay the contractor (Investor / Intermediary) for outcomes achieved. The Delivery Bodies will receive funding from the Investors to cover their delivery costs in full, so they do not have to take the risks of outcome payments. The Investors supporting the Delivery Body could include: -- a number of individuals or organisations investing via a Social Impact Bond (SIB) model or similar via an intermediary body, -- single organisations or individuals, Further details about the Innovation Fund procurement and DWP's requirements will be available in the Specification and Initial Application Form, available to download from 11.1.2012, via Bravo Solutions (DWP's e tendering platform) see the link below; https://dwp.bravosolution.co.uk/web/login.shtml These are Part B services and the DWP will not be bound by the Public Contracts Regulations 2006 (as amended) except as such Regulations are applicable to Part B services. This contract(s) for Part B services is being advertised in OJEU voluntarily.Awards
This award was granted to Prevista Ltd by Department for Work and Pensions for an amount of GBP 2,983,775. The procurement process was conducted through selective for the category of services. The award was granted on 2012-11-09. This is award number 3.
This contract has multiple awards. This is award number 3. View other awards for this contract
| Supplier | Amount | Award date | Award number |
|---|---|---|---|
| 🇬🇧 Prevista Ltd | GBP 2,983,775 | 2012-11-09 | 3 |
Market context and opportunities
The execution of this contract allows the entity Department for Work and Pensions to fulfill its public service objectives efficiently.
The selective purchase modality ensures that the process is transparent and compliant with regulations.
Transparency in this process is reflected in the detailed publication of all aspects of the contract and its results.
This transparency in public procurement promotes fair competition, prevents corruption, and ensures that public resources are used efficiently for the benefit of citizens.
Additional data
Contract NumberUK_ocds-70d2nz-f3c0c47a-4a28-4247-9456-cddd59f802b3-award-3Publication date2011-06-21Contract datenot reportedAward date2012-11-09CategoriesservicesPurchase modalityselectiveMethod detailspt_restrictedStatusnot reportedData sources
Sociedad.info publishes data from official sources, in compliance with public information access laws. Public access to this data is a civic right that helps hold government accountable. This data, including names and identifiers, is already public in the official source. Read our privacy policy.
